I can remember Brom I was there and I fully excepted it might not flow, but for reasons we have gone into before and don't need to again I don't think the company gave it their best shot. Even you Brom can admit that had we even got a little bit of oil out we would now be in a much better position for a FO.
Brom as long as it is somewhere around the industry norm I don't think anybody can complain. The one I worry about more is IW shale I suspect we are going to have to give away a lot to find a partner willing to spend lots of money on something we have not managed to flow. I really hope I am wrong as there is a tonne oil down there if we can get it out without giving too much away. Like i said earlier IW2 not flowing has cost us dearly.
Jas it was a misjudge as we had just had the massive disappointment of IW2 not flowing when we all expected it to be a roaring success. Personally I had the money to commit more but I felt that the company needed to prove it could provide some relief for investors, bearing in mind there will still be people in the 3p range or more i suspect. PI had been hit hard over the previous year and i was actually surprised he raised as much as he did. We were also all awaiting FO news and were not expecting another cash raise. IW2 failure (up to now it is) has cost us dearly.
Its been all blue since 1400hrs so with a bit of luck that may well be the placing shares gone. That or they have driven us so low that they will hang on until will rise again. I guess we will see in the morning if those mil trades start up again. There really is no good time to raise money but DW didn't half pick a bad time this time around. If we do not get a good FO then that will be me out after 4 years as I will no longer believe a word DW says. One last thought I don't want any more purchases of land or other oddities, I want this company to focus on what we potentially have which is loads and start to cream the curve as DW says. Also no more pay rises or incentives until there has been some pay back to investors.
Jiddy if he has a good FO on the table he will probably want to hold it in reserve against a duster drill. If he does not have an FO perhaps he is hoping that a good drill result at Winx will enable him to say the offers were not good enough, but hey we will soon be able to do it on our own because of the success of Winx. All in my opinion course.
Guzzler it's that classic problem many Govts have. They come out with daft and stupid statements (All cars will be EV by....) without thinking through the consequences. A classic was pushing us all to drive diesels which led most car manufacturers to spend lots of money developing diesel engines and cars, to then decide that diesels were no good for the environment. Ergo not many people buying diesels and car companies struggling. Not helped by the latest EU trade deal with Japan which means they can ship cars from Japan with no tariffs. It has nothing to do with oil at this stage, however, I too would like DW to step on it.
Having lived in Canada for 3 years where my nearest town was just under 50 miles away you start to realise that for many people living in countries like Canada and US where everything is miles away EV cars have a lot of developing to do before they can be come a reality(not sure how well they would work at -30). They do work in big cities as run arounds providing you have a charging point. Our friends next door who proudly own a BMW EV left to spend last weekend up north and what used to take them 4 hours took them 8 hours. His wife was was furious when they got back (it was his choice of car).
Have a little look how much a Tesla cost, these electric cars need to come down in price by at least 50% before normal joe will be able to afford them. Then there is the little problem of how people charge them if you are living in a flat or terrace house. Long long way to go before these become the norm.
We find oil what happens next? I am interested in people’s views on if we try to sell it off or become a producer. Personally I would like to flog it off $3 a barrel will do and would load the bank very nicely. The money could then be used to prove up the hrz and Yukon and more 3D on the rest of the land. Maybe also buy back some shares?
Rosso for fric sake we were trying to get a flow rate. Yes we proved that the HRZ shale could be fraked but the end result was zero oil flowed so it was not a success under any circumstances. Was there any scientific date obtained I flipping well hope so because no oil was. If we get a farm out deal for the hrz it is going to far worse than we would have got if it had flowed. Companies are not going to be all nice about this, they will use every reason to try and get a cheap deal. The fact that we could get no oil out will be a huge lever for them to use. We need to be realistic about this.
Aaussie make sure you say hello to big Dave from us and ask for the prime rib next time I am sure he has some stowed away somewhere. I have relatives who live by the Swan river is it worth a visit? Maybe when 88e comes in I will be able to go business class, now that would be nice.
Rosso not trying to be pedantic but that quote from an RNS was before they discovered that they could not get the water out, let alone any oil. Howerer, I really hope the company finds out what went wrong and goes back to the unconventional and gets it flowing, there is an enormous amount of money tied up in the large quantities of oil down there and I would quite like some of it in my pocket.
Thomcum we are waiting for the announcement of a Farm Out deal for potentially over 1 Billion barrels of conventional oil in the next month or so. By the end of the summer another Farm Out for over 2 billion barrels of unconventional and we have another oil field Yukon that might also be farmed out. Enough for you!
Brom you are properly right but it always used to be the kicking off point for a rise as something positive was happening and there was a more defined time line. I await with interest what happens this time, I suspect that if FOMO happens it will happen with RMP as they have far less shares and people will take the risk for a short while and then jump out again before results are expected. We will see!